Emotional Spending: Recognizing Emotional Spending Before It’s Too Late

Yikes!! That’s what I said the minute my wife slammed the front door after our heated argument. I realized due to my big mouth our credit cards were going to take the hit for all of us today, because I knew she was going to do some emotional spending at the mall.

What I’m talking about is emotional spending, buying on impulse, feel good buying, whatever you might call it… I know everyone has done this a few times in their life because many of our decisions are based on emotions.

Emotional spending is a term that applies to those people who purchase certain things which they actually do not need but want at that time. Emotional spending can in fact take a toll your personal finances if it is not controlled.. Many people spend emotionally mainly to deal with:

• Having a bad day
• Stress
• Anger and frustration
• Boredom
• Rewarding ourselves

The crazy thing about it is most people do not know they are emotionally spending until after the purchase. However, if you continue to spend frivolously and emotionally your spending may become compulsive.

Causes of Compulsive Spending

Generally, compulsive spending which usually leads to credit card debt are usually correlated to personal self-esteem issues. As most of the people consider this problem is due to their current income, they fail to identify the main cause of the their excessive spending. One reason compulsive spending can go unnoticed for a long time is that the actual act is harmless or seems that way at the time. Emotional spending is not illegal or immoral, it’s not like you’re not stealing anything… Nor is it detrimental to your physical health, but it will eventually wreck havoc on your financial health. Also, when you add your compulsive behavior together with communal influences such as magazine, television, and online advertisements this will attribute to your compulsive spending. It is necessary to look for several signs of emotional spending in order to understand how to prevent compulsive spending or needless purchases.

Solutions for Compulsive Spending

Recognize the Impulse- We are all in agreement that you must have an understanding of what feelings are propelling you to splurge on your many purchases. Whether it is wanting to erase the fallout of having an argument with your spouse or to celebrating a sunny day. If you know what triggers your emotional spending, you will become more aware when your spending on the fly.

Identify Your Weaknesses- You need to try hard to identify those threats to your financial sanity — and avoid them like the plague. If you like to shop online, make sure your credit card, purse, or wallet are nowhere near the computer to prevent making a purchase.

Focus on the Goal- There will always be circumstances that will test you at work, at home with your spouse, and internally with yourself. But rather than go out and spend frivolously, step back and focus on fulfilling the goals that you have set for yourself.

Once you accept that the main problem is embedded within you, the closer you will get your financial life in order. Continue your success!!

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